Word Up! Words of the Week for 4/18 – 4/22

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COMPENSATION: n.

  1. n. The act or state of compensating or rewarding someone for service, or paying for someone’s loss, damage, or injury
  • Example:
    • As compensation for the work on the yard, his wife and kids make him lunch and fresh lemonade.

 

DEDUCTION: n.

  1. n. The act or process of deducting or subtracting
  • Example:
    • She took deductions for a home office and other business expenses from her taxes.

 

INCOME: n.

  1. n. The monetary payment received for goods or services, or from other sources, as in rent or investments
  • Example:
    • Few realize that almost 1/3rd of your income is taken for taxes and government programs such as medicaid and social security.

 

BALANCE: v.

  1. v. To bring to or hold in equilibrium, to arrange, to be equal or proportionate
  2. v. to add up the two sides of an account and determine the difference
  • Example:
    • It is especially important for new high school graduates to learn how to balance their checkbooks and budgets!

 

OVERDRAFT: n.

  1. An act or instance of overdrawing a checking account
  • Example:
    • Banks, credit cards, and other accounts often have overdraft charges if you don’t watch the balance in your account.